An Empirical Study On The Incentive Factors Of Social Capital Participation In PPP Projects

With the rapid development of China's economy,the demand for public infrastructure is increasing.Due to the large amount of capital needed for infrastructure construction and operation,it is obviously difficult to carry out according to our government's existing debt level.Therefore,since the third Plenary Session of the 18 th CPC Central Committee,the state has vigorously implemented the PPP project to fully introduce social lien funds and reduce the burden of the government.However,the PPP project that should be co operated by the government and social capital is a state-owned enterprise,but the real private capital is waiting in the market.How to attract social capital to participate in PPP projects has become the primary problem facing the implementation of PPP projects in China.In this paper,9 factors to improve the investor's participation will be extracted by related literature,and the factors are divided according to the internal motivation factors,external explicit motivation factors and external implicit incentive factors,and the incentive factor hypothesis analysis model is constructed,and the corresponding incentive measures are induced to establish the initial scale based on these factors.The data were obtained by using the questionnaire,and the related data were analyzed and the reliability and validity was tested by SPSS.22,and the items that did not meet the requirements were deleted,and the final measurement scale was formed.The data were collected again by questionnaires,and item analysis,reliability and validity tests were carried out to verify the rationality of the scale.Then,using the AMOS.21 software,the two order confirmatory factor analysis and the overall high order confirmatory factor analysis are used to evaluate the hypothesis model.According to the analysis results,the hypothesis model is reasonable,the incentive factors and the incentive measures are selected correctly,and the weights and relative weights of the dimensions,factors and measures are calculated according to the standardized factor load obtained by the model analysis.Significant small can be seen that all incentive factors for social capital to participate in PPP projects are similar in magnitude.Then we predict the social capital participation enthusiasm through actual cases,and the prediction results are similar to the actual results,further proving the rationality of the hypothetical model.